Interest Rates

Domestic Term deposits

1. There is no revision in interest rates on retail term deposits. Rate of Interest and other terms relating to retail terms deposits (less than Rs. 1 Cr) remains the same as informed vide circular AX1/PLN/IR/Cir No.82/2011-12 dated 18.08.2011. mentioned as below:
   • The revised rates are applicable for both fresh deposits and renewal of existing deposits.
   • The rate of interest on Bank Term Deposit Scheme, 2006 (Tax Saving Scheme for 5 year term deposit) up to investment limit of Rs 1.00 lakh only will be 9.00%.
   • In case of premature withdrawal of deposit, the applicable rate would be 1% below the interest rate of the period for which deposit actually held with the Bank.
   • Deposits to be accepted for a maximum period of 10 years.
   • Senior citizens will be offered an additional rate of 0.50% only for maturity slabs of 91 days to less than One Year and 0.75% for maturity slabs of One Year and above. The additional interest rate for senior citizens will be offered for an amount of less than Rupees One crore only.
   • The revised rates would be applicable for all NRO term deposits.
   • All rates are subject to change from time to time.
   • For interest rate on deposits above Rs.5 cr, please contact our nearest branch.
2. The deposit above Rs. 1 Crore should be through a single deposit receipt and that should not be split into more than one receipt for want of higher rate of interest.
3. The benefit of higher interest rate to senior citizens, members of staff and senior citizen retired members of staff is not available for term deposits above Rs. 1 Cr.
4. The rates of interest for deposit amount more than Rs. 5 Crore mentioned above are INDICATIVE ONLY. The actual rate of interest on such deposits will be decided by the Treasury and International Banking Division (TIBD), Mumbai through their respective Regional Offices. This is applicable for both fresh deposits and renewal of existing deposits above Rs. 5 crores.
5. In case, rate given by TIBD on a deposit above Rs. 5 Cr is same as the indicative rate given in the aforementioned table; such deposit will be treated as normal deposit and not as DRI deposit.
6. For Interest rates higher than the card rate on term deposits, irrespective of the amount of deposit, branches must take permission on rate and amohjunt of deposit from Treasury and International Banking Division(TIBD), Mumbai through their respective Regional Offices.
7. In case of premature withdrawal of deposit, the applicable rate would be 1% below the interest rate of the period for which deposit has been actually held.
8. Deposits accepted at one branch should not be split into other branches
9. The revised rates would be applicable for all NRO term deposits
10. All rates are subject to change from time to time.
11. The above changes in the rates have been communicated through E-Mail The Regional Offices must ensure display of this revised interest ratre in the Branch Notice Board immediately.